Properties Magazine March 2017 : Page 12

each up 2%; and the West, down 10%. Multifamily housing in January held steady with its December amount. There were 13 multifamily projects valued at $100 million or more that reached groundbreaking in January, similar to the 14 such projects in December, including these January starts – the $615 million multifamily portion of the $650 million One Grant Park (phase 1) in Chicago, Illinois; the $423 million City Point apartment building in Brooklyn, New York; and the $282 million multifamily portion of the $345 million Jamaica Station development in Queens, New York. The top five metropolitan areas in terms of the dollar amount of multifamily starts in January were the following – New York, New York; Chicago, Illinois; Washington, D.C.; San Jose, California; and Los Angeles, California. The 3% decline for total construction starts on an unadjusted basis for January 2017 relative to January 2016 was the result of a varied performance by major sector. Nonresidential building advanced 27%, with institutional building up 74%, commercial building, up 14%, and manu-facturing building down 72%. Residential building rose 1%, with single-family hous-ing up 7% and multifamily housing down 10%. Nonbuilding construction fell 37%, with public works down 14% and electric utilities/gas plants down 77%. By geogra-phy, total construction starts for January 2017 relative to January 2016 revealed this pattern – the Northeast, up 22%; the West, up 21%; the South Atlantic, down 8%; the Midwest, down 14%; and the South Central, down 24%. Useful perspective is made possible by looking at 12-month moving totals, in this case the 12 months ending January 2017 versus the 12 months ending January 2016, which lessens the volatil-ity present in one-month comparisons. For the 12 months ending January 2017, total construction starts were up 1%. By major sector, nonresidential build-ing grew 5%, with commercial building up 12%, institutional building up 10%, and manufacturing building down 36%. Residential building also grew 5%, with single-family housing up 8% and multi-family housing down 1%. Nonbuilding construction dropped 12%, with public works down 6% and electric utilities/gas plants down 26%. P Properties | March 2017 Celebrating 20 years of Excellence Cleveland 216-663-3777 Toledo 419-865-7100 LQ¿QLW\FRQVWUXFWLRQFRP ([SHULHQFH 12 ([FHOOHQFH&RPPLWPHQW

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